Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Lithion, developer of technologies to recycle lithium-ion batteries, announced Monday it has completed construction of its first commercial mineral extraction plant in St-Bruno-de-Montarville, near Montreal, Québec.
The Lithion Saint-Bruno build marks the first lithium-ion battery mineral extraction plant in North America’s northeast, the company said.
In 2022, Lithion recieved C$22.5 million ($16.1m) in funding from the Québec government, including a C$15 million equity investment through Investissement Québec and C$7.5 million in grants from the Fonds d’électrification et de changements climatiques. It also received funds the same year from Québec-based Fondaction, and from Korea’s IMM Investment Global, to fund the plant construction.
The Lithion Saint-Bruno plant is now in the commissioning phase. The facility currently employs a team of 20, and at full capacity, it is expected to employ 60 people.
The opening of a storage facility based in the US will soon follow, Lithion said, adding that discussions are underway with business partners to deploy similar plants in the US and Europe.
“The inauguration of the first commercial plant for Québec-based Lithion Technologies strengthens our industry and opens the door to a battery circular economy in Québec,” Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, said in a media statement.
“To ensure circularity and reduce pressure on resources and the environment, the energy transition underway in Quebec requires the creation of a value chain for our critical materials,” he added.
